Best bank account bonuses for June 2020

7 min readJun. 1, 2020

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If you’re wishing you had more savings right now, you’re not alone. Many Americans impacted by the coronavirus are finding that they need additional funds to make ends meet. A bit of extra cash could be a big help. Fortunately, a number of banks are still giving out free stacks of cash.

In exchange for opening a new savings or checking account, you could wind up with an extra $200 or $300 dollars (or more). Shopping around for a new bank account isn’t exactly exciting, but at a time like this it could be worth your while.

Why banks have sign-up bonuses

Banks use sign-up bonuses to distinguish themselves from others in the industry. Cash bonuses also help financial institutions bring in new customers and new deposits.

While they could pay account holders a higher yield, for some banks, offering a bonus is preferable.

“It’s much easier to quantify the bonus than it is to raise the rate on what you’re paying out on deposits,” says Greg McBride, CFA, Bankrate chief financial analyst.

Some banks, like TD Bank, offer more than one sign-up bonus. But qualifying for multiple bonuses at the same time at the same bank usually isn’t possible. Bank account bonuses are typically available only to new checking or savings account holders.

What to watch out for

Every bank account bonus isn’t a good deal. Before you sign up, read the fine print.

Watch out for sky-high minimum balance requirements and monthly fees that could eat into your earnings. If earning a bonus seems to require too much effort, you might want to look for another one.

If you’re looking for a new savings account, consider whether you’re better off finding another bank that pays more interest. For instance, these one-time bonuses are typically on accounts that pay minimal interest. So while the bonus is great initially, you may be sacrificing the long-term return.

HSBC has a couple of checking account bonuses available online. Through June 29, you can earn:

$225 for opening an HSBC Advance checking account and receiving recurring monthly direct deposits totaling $500 for three consecutive months (from the second full calendar month after opening the account).

$475 for opening an HSBC Premier checking account and receiving monthly direct deposits of at least $5,000 for three consecutive months (from the second full calendar month after opening the account).

Another option is to opt for a bonus that pays 3 percent cash back (up to $270 for new Advance checking account holders and up to $270 for new Advance checking accounts). These offers also expire June 29. To qualify, you’ll need to set up recurring direct deposits to an HSBC Premier or Advanced checking account at least once per calendar month for six consecutive months following the account’s opening month.

Through July 7, earn $200 by opening a Huntington 5 checking account online. To earn a bonus you must:

Be a new Huntington checking customer who hasn’t closed a checking account within the past six months.

Deposit $1,000 within 60 days of opening your new checking account and keep your account open for 90 days.

You’re eligible for the bonus if you live in Illinois, Indiana, Kentucky, Michigan, Ohio, Pennsylvania or West Virginia. There’s also a $150 bonus available if you open an Asterisk-Free checking account and make a $1,000 deposit within 60 days (and keep your account open for 90 days).

Open a SunTrust Essential checking account online by June 30 and earn $200 by having direct deposits of at least $500 made per statement cycle for two consecutive cycles (within the first three months of opening the account). The promotional code you’ll need to use is Q220ESSENTIAL.

Another option is to open a SunTrust Advantage checking account by June 30 and earn $400 by depositing at least $3,000 in direct deposits per statement cycle for two consecutive cycles within the first three full monthly statement cycles. The promotional code you’ll need to use is Q220ADVANTAGE.

The offers are valid for residents in the District of Columbia, Maryland and nine southern states. To qualify, you cannot have an existing SunTrust personal checking account or have closed one on or after Oct. 4, 2019. SunTrust and BB&T have now merged to become Truist Bank.